Banks that are likely to face the legal heat include HSBC, Barclays, JPMorgan, Citigroup, UBS, Royal Bank of Scotland, as well as a small Japanese bank.

According to two sources familiar with the matter at hand, the European Commission is likely to impose a fine on banks including HSBC, Barclays, JPMorgan and Citigroup, for rigging foreign exchange rates.

Sources say, UBS, Royal Bank of Scotland, as well as a small Japanese bank could also be penalized.

If the banks admit to the wrongdoing, they will see a 10% cut in their respective fine, said sources.

On its part, Credit Suisse has chosen to fight the EU antitrust charge. It is to be seen whether the European Commission will be able to finalize the case in time so as to levy a fine against the Swiss bank in the coming weeks.

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Tags: banks, Barclays, Citigroup, Credit Suisse, EU, EU antitrust, European Commision, fine, foreign exchange rates, HSBC, JPMorgan, manipulating, rigging, Royal Bank of Scotland, small Japanese bank, Swiss bank, UBS